Good morning everyone. As with every other day ending with “y” the past few weeks, Greece tops the news once again as thousands of its citizens take to the streets over Sunday’s Greferendum. A Bloomberg poll shows votes currently neck and neck, with 43% of Greeks intending to vote “no” while 42.5% are planning to vote “yes.” Interestingly, Greece’s three biggest newspapers are urging people to vote yes, though Alexis Tsipras and Yanis Varoufakis are continuing to spread fear among the populace.
Here’s what else you need to know:
World Bank removes critical piece on China. The World Bank has apparently removed a section from its semi-annual “China Economic Update” where it called the Chinese government’s interference in the nation’s financial system as having “no parallel in modern market economies” and urged it to reduce its stakes in commercial banks as well as to keep politicians away from the country’s regulators. Apparently, the excerpt “had not gone through the World Bank’s usual internal review and clearance procedures.” WSJ (paywall)
EFSF opts not to call in Greek loans. The European Financial Stability Facility or the EFSF, has decided to throw Greece a bone and not call in its almost $160 billion worth of loans, saying: “the EFSF Board of Directors decided not to request immediate repayment of its loans nor to waive its right to action – the other two possible options. By issuing a Reservation of Rights, the EFSF keeps all its options open as a creditor as events in Greece evolve.” Finally, some reprieve for the Greeks. Financial Times (paywall)
Europe’s equity gains for the week evaporates ahead of Greferendum. With Greece’s referendum nigh, the Euro Stoxx 50 Index caps the week down 5%, erasing its gains from the previous week as traders continue to cut risk. Bloomberg
North Korea has a shiny new international airport. For those of you seeking the glitz and glamour of G-bay, North Korea has something just for you. Pyongyang’s swanky new international airport terminal boasts that it’s the only new building that’s largely hand-made, and greets visitors with awesome pro-NoKor music amid signs that tell you to work at “Korea Speed.” Top that ‘Murica. MarketWatch
Photo credit: dierk schaefer via Flickr